Mountainview Energy Ltd. provides operational update

CUT BANK, MT, Feb. 6, 2012 /PRNewswire/ - Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the "Company") is pleased to announce that the Zuma 15-22-35-58H well has spudded.  This well, which is a horizontal Bakken/Three Forks well located in section 15-T35N-R58E, Sheridan County, Montana operated by Samson Resources Company ("Samson").  The Company has acquired approximately a 9.75% working interest in this well.

Mountainview is also pleased to report that the Olson 1-21-16H well has had a 30 day production rate of approximately 300 boe/d from the Middle Bakken Formation.  Mountainview owns a 12.5% working interest in this well.  This production was comprised of 90% oil and 10% gas.  The Olson 1-21-16H is a horizontal Bakken well located in Roosevelt County, MT and is operated by G3 Operating, LLC a subsidiary of GeoResources, Inc, a Public Company traded on the NASDAQ.

The Company's current non-operated wells in the Williston Basin are as follows:

Company Strategy

The Company's strategy is to grow through acquiring more Williston Basin acreage; targeting the Bakken/Three Forks Shale and developing the acreage in the Company's portfolio.   Mountainview plans to drill and complete horizontal wells on the Company's existing acreage, as well as aggressively pursuing non-operated working interests in Bakken and Three Fork wells in the Williston Basin.

Mountainview Energy Ltd. is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken.

Cautionary Statements - Initial Production Levels

Any references in this news release to initial, early and/or test or production/performance rates and/or "flush" production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. The initial production rate may be estimated based on other third party estimates or limited data available at this time. The initial production is generally estimated using boes. 

In all cases in this press release initial production or test are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons.

Forward-Looking Statements

Certain information contained in this press release constitutes forward-looking statements, including, without limitation, information related to Mountainview's participation in certain wells and the timing of spudding, fracturing and other operations on certain wells.  By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, inability to meet or continue to meet listing requirements, the inability to obtain required consents, permits or approvals and the risk that actual results will vary from the results forecasted and such variations may be material.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.

The forward-looking statements contained in this press release are made as of the date of this press release.  Mountainview disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Additionally, Mountainview undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

The forward-looking statements contained in this press release are made as of the date of this press release.  Mountainview disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Additionally, Mountainview undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Barrels of Oil Equivalent

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Mountainview Energy Ltd.